The questions of how to buy Bitcoin with PayPal is becoming increasingly relevant as more and more people seek convenient, alternative methods for their cryptocurrency transactions. While credit and debit cards have long been the go-to methods, PayPal’s entry into the crypto world offers a new avenue.
This article will cover everything from how and where to start, the benefits PayPal offers, and whether or not it is the right choice for your Bitcoin investments.
How to Buy Bitcoin with PayPal – The Quickest Way!
Presented below is a quick overview of how to buy Bitcoin with PayPal:
- Open an account: Head to your chosen platform’s website and create a free account. Enter your email address and choose a username and a password.
- Verify account: Verify your new account by completing the KYC checks and uploading photo ID (e.g. passport) and proof of address (e.g. bank statement).
- Deposit: Deposit into your trading balance using PayPal as your preferred payment method.
- Buy Bitcoin: Type ‘BTC’ into the search bar and click ‘Trade’ when Bitcoin appears. Enter your position size in the order box and click ‘Open Trade’.
If you are looking for a more detailed walkthrough of the investment process, you can find one at the end of this guide.
Where Can I Buy Bitcoin with PayPal
If you’re looking to buy crypto with PayPal, your main focus should be finding a trustworthy trading platform to help with your transaction. There are many platforms that offer this option, so it can be difficult to choose one that fits your specific needs.
To help streamline this decision-making process, presented below are reviews of four top trading platforms that allow users to buy BTC via PayPal:
1. Binance – Respected Crypto Exchange with Huge Asset Selection
Binance is a great choice if you want to buy Bitcoin or any of the top altcoins, as the platform has over 500 crypto assets available for trading. This includes DeFi tokens and crypto-to-crypto trading pairs, making it attractive for seasoned crypto traders. While Binance mainly serves as a cryptocurrency exchange, users can still add funds to their trading balance using FIAT currency. However, the only way to purchase Bitcoin with PayPal is through Binance’s P2P trading service, provided another user offers that option.
In terms of fees, Binance will appeal to traders looking to minimize costs as the platform charges only 0.1% per trade. However, Binance users who prefer to buy crypto instantly without using the exchange will be charged a higher fee of 0.5%. Finally, Binance is also popular amongst traders due to the platform’s various additional features – including a marketplace where users can invest in the best NFTs to buy with low trading fees!
Cryptoassets are a highly volatile unregulated investment product.
2. Avatrade – Regulated Broker to Trade CFDs on Crypto with 0% Commission
The broker, which is regulated across six jurisdictions and available in more than 150 countries, offers 0% commission across all markets, a minimum deposit of just £100 and no fees.
It comes with a wide range of features, including Algo trading software to make the process easier and mirror trading so beginners can copy the strategies of more experienced traders in real-time.
It is also considered one of the more cost-effective brokers around and EUR/USD and Amazon stock, for example, can be traded at a spread of 0.9 pips and 0.14%, respectively.
AvaTrade also offers a tool called AvaProtect, which pays back on certain losing trades to protect your risk.
Cryptoassets are a highly volatile unregulated investment product.
3. Crypto.com – Great Place to Buy Bitcoin using PayPal with Low Fees
Another option if you want to buy crypto with PayPal is Crypto.com. Crypto.com offers one of the best crypto apps on the market, along with a web-based exchange platform that will appeal to advanced traders. This trading platform offers over 250 cryptocurrencies to trade, including BTC and a variety of altcoins. Since Crypto.com accepts FIAT deposits, PayPal users can send over USD via a bank transfer.
Alternatively, Crypto.com allows users to top up their Crypto Visa Card balance using PayPal directly. Although this will come with a 2.1% top-up fee, it will arrive instantly, allowing you to begin generating rewards through spending. In terms of buying Bitcoin specifically, Crypto.com charges a maker/taker fee of 0.4% when trading via the exchange. Notably, you can reduce this fee by 10% if you pay your trading fees in CRO – Crypto.com’s native token.
Crypto.com is also packed with various handy features for traders, including ‘Crypto Earn’, which allows you to generate a return on your crypto holdings. This feature acts as one of the best crypto savings accounts since you can obtain up to 14.5% p.a. for certain coins. Finally, Crypto.com even offers a free crypto wallet app to store your holdings, featuring two-factor authentication and support for over 100 digital currencies.
4. Coinbase – Huge Crypto Exchange Allowing Direct Bitcoin to PayPal Purchases
For investors wondering how to buy Bitcoin with PayPal instantly, Coinbase offers a streamlined way of doing so. Coinbase is one of the world’s largest cryptocurrency exchanges that accepts Paypal and provides over 95 cryptos to trade. Notably, once you have completed Coinbase’s verification process, you can link your PayPal account directly to your Coinbase account. Only US-based users can buy crypto through Coinbase using PayPal, although all other customers can cash out using the service.
At present, Coinbase allows cashouts in USD, EUR, and GBP, with high daily limits that will appeal to advanced traders. In terms of trading fees, Coinbase charges a taker fee of 0.6% and a maker fee of 0.4% when using the Coinbase Pro exchange service. However, users who wish to purchase crypto through the Coinbase App instantly must pay a transaction fee based on trade volume and payment method, plus the spread – meaning this approach can be costly.
Why Buy Bitcoin with PayPal?
When researching how to buy Bitcoin with PayPal, you’ll likely become aware of the various benefits associated with using this approach. This is understandable, given that PayPal now has over 390 million active users worldwide. Some investors have asked if it is too late to buy Bitcoin? With that in mind, presented below are five of the main advantages of using PayPal to purchase Bitcoin:
Speedy Deposits & Withdrawals
One of the main reasons traders opt to use PayPal is the platform’s ability to facilitate deposits and withdrawals quickly. Assuming you have an account with a trading platform that accepts PayPal, it’s easy to link your PayPal account to your trading balance and make instant deposits. The entire process is streamlined, usually only taking a few minutes to complete.
If you’re looking to transfer Bitcoin to PayPal, this can usually only be achieved by first closing out your position on the trading platform and then withdrawing the proceeds to your PayPal balance. However, the withdrawal timeframe for PayPal tends to be much quicker than other payment methods.
High Degree of Security
The level of safety that PayPal offers is another reason why this approach is so popular amongst cryptocurrency traders. As detailed on the PayPal website, the platform employs end-to-end encryption to keep your data and transactions secure. This also includes data protection compliance and ‘key pinning’ to protect your confidentiality.
Another great security feature is that PayPal sends out email confirmations after every transaction. This is extremely useful as if a transaction is unrecognized, you will be able to notify PayPal immediately and remedy the situation. Finally, PayPal even has a dedicated security team that monitors payments 24/7 and will alert you if anything suspicious occurs on your account.
User-Friendliness
The process of buying Bitcoin with PayPal is incredibly user-friendly and even rivals popular payment methods such as credit or debit cards. PayPal users can fund their PayPal balance via bank transfer, with the funds being safeguarded through PayPal’s extensive security features. Once funded, it’s then simple to connect your PayPal account to a broker or exchange that supports this payment method.
Can Use Mobile App
PayPal’s mobile app has a fantastic reputation due to its user-friendliness and great features. The app itself is available through the App Store or Google Play and allows users to send money anywhere in the world using the recipient’s mobile number or email address. This is extremely useful if someone else is sending you money which you will then use to fund your trading account.
The PayPal app also allows you to track your transactions in real-time, which is ideal for ensuring no fraudulent activity is occurring on your account. You can even turn on notifications to alert you the second that there is some account activity.
Multi-Currency Support
Finally, one of the best features you’ll encounter when researching how to buy Bitcoin with PayPal is that the platform supports 25 different currencies. This includes widely-used currencies such as GBP, USD, EUR, and AUD, along with lesser-used ones like CAD, DKK, and BRL.
PayPal is Crypto-Friendly
PayPal is a crypto-friendly organization and could even develop its own stablecoin – possibly dubbed PayPal Coin and backed by the US Dollar – in the near future. At the start of January 2023, a statement from PayPal revealed:
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.”
PayPal has continued to expand its crypto operations in recent months, increasing the number of cryptos its customers can purchase, as well as investing in educating its users on crypto.
Is PayPal a Good Place to Buy Bitcoin?
Following the explosion in popularity of day trading crypto and other investment approaches, PayPal decided to get in on the act and begin offering functionality to invest in digital currencies directly through the PayPal platform. This was initially only available to US-based traders, although it is now offered in the UK. At present, PayPal allows users to buy Bitcoin, Bitcoin Cash, Ethereum, and Litecoin using their account balance.
Although there is no functionality to buy Bitcoin with PayPal Credit, the process will still appeal to people who value safety and ease of use. PayPal allows users to invest in the four supported cryptos from only $1, although you will have to complete a verification process and fill out a W-9.
Ultimately, PayPal is an okay option if you’re looking to buy Bitcoin, especially if you use the service regularly. However, it’s no substitute for using a dedicated broker or exchange, both in terms of fees and trading features.
Buying Bitcoin On PayPal vs Buying Bitcoin Using PayPal on Crypto Exchanges
Given the information presented in the previous section, you may wonder whether to use PayPal to buy Bitcoin directly or link your PayPal account to a crypto exchange and make your trade utilizing that approach. There are pros and cons to both options, so let’s review each method individually so you can gain a clearer understanding:
Buying Bitcoin On PayPal
As noted, PayPal now allows users in the US and the UK to purchase crypto directly through the PayPal platform. Users can instantly buy BTC, BCH, ETH, and LTC for only $1, which is a factor that will appeal to beginner investors. However, although this appears valuable at first glance, there are some significant limitations to using this approach.
Firstly, PayPal doesn’t allow users to transfer their crypto off of the PayPal platform. Ultimately, this means that if you use PayPal to make your Bitcoin investment, you will not be able to move your holdings to an external wallet. This isn’t ideal for several reasons, especially if you’re looking to bolster your security by keeping your holdings in one of the best crypto wallets that offer cold storage.
Secondly, PayPal’s fees can be high relative to other options. Investments between $25 and $100 will accrue a fee of 2.30% – however, this fee is also charged on the other side of the trade. Overall, this means that you can be charged upwards of 4.5% when buying and selling BTC using PayPal – and this doesn’t take into account any currency conversion fees when withdrawing the proceeds back to your bank account.
Buying Bitcoin Using PayPal on Crypto Exchanges
Through our research and testing, we’ve found that the best way to buy Bitcoin with PayPal is to use a dedicated crypto exchange. As noted earlier in this guide, numerous exchanges now support PayPal as a deposit method. These tend to be centralized exchanges like Crypto.com, and Coinbase, which will require KYC before making the transfer.
Making the PayPal deposit with these exchanges is as simple as linking your PayPal account to the platform and facilitating your deposit. Much like credit and debit cards, these deposits tend to arrive instantly, allowing you to immediately take advantage of trading opportunities.
However, the key benefit of using a crypto exchange is the abundance of trading features offered through this approach.
Bitcoin Alternative Token
New Deflationary Cryptocurrency is a Potential Alternative Investment to Bitcoin, Get Huge Staking Yields During the Presale
While Bitcoin is the largest cryptocurrency in the world, it may not be the best option for investors looking to maximize returns or earn passive income. Bitcoin ETF Token, on the other hand, is a new cryptocurrency that is available to buy during the early presale stages.
Furthermore, $BTCETF, the native token, can be staked to earn high annual yields. This unique cryptocurrency has been created to celebrate the much-awaited release of a Bitcoin ETF (Exchange-Traded Fund). A Bitcoin ETF allows investors to buy and sell BTC, without holding the underlying asset.
Currently, a Bitcoin ETF is awaiting the approval by the SEC. Bitcoin ETF Token will reward members of its ecosystem as there is a development in the Bitcoin ETF release. The platform will burn 5% of its 2.1 billion token supply – as it completes each of the 5 milestones it has set for itself.
For example, one of the milestones is the official approval of a Bitcoin ETF by the SEC. Once this happens, Bitcoin ETF Token will burn 5% of its token supply. Similarly, it will conduct burning events when Bitcoin reaches a price of $100K, and when $BTCETF reaches $100 million in trading volume.
$BTCETF token holders can stake their holdings on a verified smart contract to generate APYs (Annual Percentage Yields). At press time, the APY is around 500% for staking $BTCETF. Over 55 million tokens have already been staked on the ecosystem.
The staking yields are a unique use case, which even Bitcoin does not offer. While Bitcoin has already offered huge returns, Bitcoin ETF Token potentially displays a higher room for growth. This is because $BTCETF is priced at just $0.0052 during the second presale round. By the final stage of the presale, the price will increase to $0.0068 per token.
After the end of the presale, Bitcoin ETF Token will list the token on cryptocurrency exchanges. So far, the presale has raised over $2 million. Read the Bitcoin ETF Token whitepaper and join the Telegram channel for more information.
| Hard Cap | $4.956 Million |
| Total Tokens | 2.1 Billion |
| Tokens available in presale | 840 Million |
| Blockchain | Ethereum Network |
| Token type | ERC-20 |
| Minimum Purchase | NA |
| Purchase with | USDT, ETH, BNB, MATIC, Card |
Conclusion
That’s about it on how to buy Bitcoin with PayPal. It’s a straightforward method for those familiar with PayPal as well as for those that have never used it. However, it’s important to be aware of the specifics such as transaction fees and security measures, and as always, approach crypto investing with caution.